EU regulators okay German scheme to roll out gigabit network

BRUSSELS (Reuters) - EU competition enforcers approved on Friday a German scheme to support the deployment of gigabit network, underlining the bloc's plan to roll out fast speed and high speed telecoms networks to boost economic growth amid the COVID-19 pandemic.

The scheme aims to deliver a faster internet for households, companies and public institutions.

The national budget is estimated at 6 billion euros while contributions to individual projects from regional and local budgets will boost the overall estimated budget up to 12 billion euros (10.7 billion pounds).

"Europe's digital transformation depends on high quality networks. These are crucial for connecting the regions in the European Union and contribute to a more competitive and sustainable social market economy," European Competition Commissioner Margrethe Vestager said in a statement.

(Reporting by Foo Yun Chee)